The government has committed GH¢8.2 billion to cushion the private sector, Mr Andrew Cudjo Ameckson, the Head, of the Banking and Non-Banking Unit, Financial Sector Division of the Ministry of Finance has announced.
He said the fund was under the implementation of the Small and Medium Enterprises Growth and Opportunity (SMEs GO) programme. It is intended to provide technical and financial support to the Ghana Enterprises Agency (GEA), Ghana EXIM BANK and the Development Bank Ghana (DBG).
He explained that the SMEs GO programme was a joint initiative of the Ministry of Trade and Industry and the Ministry of Finance to break the barriers to SMEs’ growth, and strengthen their operational capacity and position them well to contribute significantly to economic and sustainable development.
The programme is designed to optimize public policies in favour of SMEs through structural reforms in the medium-term where the implementers would provide financial and equipment support for the SMEs.
Mr Ameckson said beneficiaries would leverage the SME GO to grow and make their business model and operations more resilient, thereby contributing to the strengthening of the private sector. Consequently, the SME GO programme targets interventions that support the government’s goal of creating “SME champions” that can take Ghanaian products and innovations globally.
Ultimately, the government views the SMEs GO programme as a significant step towards building a future economy shaped by enterprises and innovations, where business-oriented individuals and groups can realise their ideas and build and expand businesses that would eventually create jobs and reduce poverty.
She called on the SME GO programme managers to consider extending the programme to benefit micro businesses too.
